Tuesday, September 26 2017

VietNamNews

Equitisation gains momentum

Update: May, 16/2014 - 09:17

Accordingly, Dung required the construction ministry to submit equitisation plans for the Viet Nam Machinery Erection Corporation and the Construction Machinery Corporation by the end of the year. — File Photo

HA NOI (VNS) — The Ministry of Construction will complete equitisation of all its enterprises next year.

Prime Minister Nguyen Tan Dung had accepted plans offered in a joint proposal from the ministry and the Ministry of Finance.

Accordingly, Dung required the construction ministry to submit equitisation plans for the Viet Nam Machinery Erection Corporation and the Construction Machinery Corporation by the end of the year.

He also agreed to equitise the Da River Corporation and the Housing and Urban Development Corporation by the end of next year.

The three corporations together with the Urban and Industrial Zone Development Investment Corporation will be responsible for equitising their subsidiaries and their parent companies.

The PM has also asked the construction ministry to advise its State-owned enterprises to accelerate equitisation plans.

The ministry manages 16 corporations. Last year, it was instructed to equitise five corporations.

Minister of Construction Trinh Dinh Dung has also approved equitisation plans for five corporations this year and five next year.

The ministry will have no State-owned enterprises by the end of next year.

Four of the ministry's corporations have made initial public offerings. However, the State still holds a controlling stake in the corporations. It will sell a stake in the firms to reduce controlling rights when the market improves.

Dang Van Long, head of the ministry's Business Management Department, said that after equitisation, the role of the State, managers and labourers would improve. — VNS

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